Sandler Capital Management Takes Position in Snowflake Inc. $SNOW

Key Points

• Sandler Capital Management invested approximately $2.57 million in Snowflake Inc., acquiring 17,564 shares during the first quarter.
• Several institutional investors increased their stakes in Snowflake, with the largest being Vanguard Group Inc., now owning shares worth nearly $4 billion.
• Snowflake's stock trades with a market cap of $75.28 billion and showed a year-over-year revenue growth of 31.8%.

Sandler Capital Management acquired a new stake in Snowflake Inc. (NYSE:SNOW - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 17,564 shares of the company's stock, valued at approximately $2,567,000.

Several other hedge funds and other institutional investors have also modified their holdings of SNOW. Nuveen LLC acquired a new position in shares of Snowflake in the 1st quarter valued at about $555,847,000. AQR Capital Management LLC lifted its stake in shares of Snowflake by 346.2% in the 1st quarter. AQR Capital Management LLC now owns 3,171,635 shares of the company's stock valued at $456,430,000 after purchasing an additional 2,460,769 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Snowflake by 19.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,732,428 shares of the company's stock valued at $691,693,000 after purchasing an additional 763,673 shares in the last quarter. Amundi lifted its stake in shares of Snowflake by 72.7% in the 1st quarter. Amundi now owns 1,808,250 shares of the company's stock valued at $252,974,000 after purchasing an additional 760,923 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Snowflake by 22.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock valued at $524,293,000 after purchasing an additional 650,775 shares in the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Snowflake news, EVP Christian Kleinerman sold 10,000 shares of Snowflake stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $233.50, for a total transaction of $2,335,000.00. Following the sale, the executive vice president directly owned 527,336 shares in the company, valued at $123,132,956. The trade was a 1.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank Slootman sold 710,083 shares of Snowflake stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $230.47, for a total value of $163,652,829.01. Following the sale, the director owned 165,507 shares in the company, valued at $38,144,398.29. This represents a 81.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,176,168 shares of company stock worth $708,898,070 in the last three months. 6.80% of the stock is owned by insiders.

Snowflake Stock Up 1.6%

SNOW stock traded up $3.57 during midday trading on Friday, hitting $225.47. 5,885,231 shares of the company's stock were exchanged, compared to its average volume of 7,495,617. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.94. Snowflake Inc. has a 12-month low of $107.13 and a 12-month high of $249.99. The firm has a 50 day moving average price of $212.34 and a 200-day moving average price of $187.31. The stock has a market capitalization of $75.28 billion, a price-to-earnings ratio of -54.33 and a beta of 1.22.

Snowflake (NYSE:SNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. Snowflake had a negative return on equity of 41.42% and a negative net margin of 33.53%.The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same period in the previous year, the business earned $0.18 EPS. Snowflake's revenue for the quarter was up 31.8% compared to the same quarter last year. On average, analysts anticipate that Snowflake Inc. will post -2.36 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SNOW. HSBC lowered Snowflake from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Wells Fargo & Company lifted their price objective on Snowflake from $250.00 to $275.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. Hsbc Global Res lowered Snowflake from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 22nd. Cantor Fitzgerald boosted their price target on Snowflake from $242.00 to $275.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Finally, Royal Bank Of Canada boosted their price target on Snowflake from $250.00 to $275.00 and gave the stock an "outperform" rating in a research report on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $255.53.

Snowflake Profile

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products, as well as applies artificial intelligence (AI) for solving business problems.